Scorpio Tankers (NYSE:STNG) Trading Down 6% – Here’s Why

Scorpio Tankers Inc. (NYSE:STNG) shares traded down 6% on Tuesday . The stock traded as low as $50.21 and last traded at $49.64. 140,566 shares changed hands during trading, a decline of 87% from the average session volume of 1,068,956 shares. The stock had previously closed at $52.82.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STNG. Jefferies Financial Group reduced their price target on shares of Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Evercore ISI reduced their price objective on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Bank of America lowered their target price on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and cut their price target for the stock from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Finally, Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Scorpio Tankers has a consensus rating of “Hold” and an average price target of $75.40.

Scorpio Tankers Trading Down 0.2 %

The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 3.42 and a beta of 0.12. The business has a 50 day moving average of $50.89 and a 200 day moving average of $63.01. The company has a quick ratio of 2.18, a current ratio of 2.21 and a debt-to-equity ratio of 0.27.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.14. The company had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.91 EPS. On average, research analysts forecast that Scorpio Tankers Inc. will post 10.88 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 22nd were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.60 annualized dividend and a yield of 3.36%. Scorpio Tankers’s payout ratio is currently 11.47%.

Hedge Funds Weigh In On Scorpio Tankers

Several institutional investors have recently added to or reduced their stakes in STNG. EMC Capital Management grew its holdings in Scorpio Tankers by 61.5% in the 4th quarter. EMC Capital Management now owns 2,717 shares of the shipping company’s stock valued at $135,000 after buying an additional 1,035 shares during the period. Blue Trust Inc. boosted its position in shares of Scorpio Tankers by 102.3% in the fourth quarter. Blue Trust Inc. now owns 6,631 shares of the shipping company’s stock worth $329,000 after acquiring an additional 3,354 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in Scorpio Tankers in the fourth quarter valued at approximately $303,000. Janney Montgomery Scott LLC acquired a new position in Scorpio Tankers during the fourth quarter worth approximately $249,000. Finally, Assenagon Asset Management S.A. raised its stake in Scorpio Tankers by 882.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company’s stock worth $10,020,000 after purchasing an additional 181,135 shares during the period. 54.64% of the stock is currently owned by institutional investors and hedge funds.

About Scorpio Tankers

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.